How effective has employee recognition been in the last few years? Here are a few statistics that will help you to get an idea.
Though the pandemic is not yet over, 2022 brings us hope of a COVID-free world, where businesses are starting to function normally, and employees are getting back to normal work modes. However, even after the pandemic subsides completely, experts believe that most organizations will choose hybrid work modes and virtual business processes, forcing the HR fraternity to rethink their recognition practices.
Based on what industry leaders say, here are some of the new trends and employee recognition ideas that might work this year.
Many organizations have already moved their recognition practices, at least a part of them, to the digital mode. Others are now in a place where this change is more of a compulsion than a choice. Digital recognition solution is one trend that is going to pick up pace and continue to grow over the years.
In fact, you can check out our latest blog on digitizing your employee recognition system.
You may be surprised, but gamification is a popular employee recognition strategy right now. A large part of the workforce in younger companies consists of millennials and Gen Z employees, and they are relating to gamified recognition ideas better. In this model, elements like badges, avatars, reward points, and leader boards are designed around recognition.
One of Possibleworks’ oft-chosen recognition models is gamification. If you think your employees will love such a fun recognition platform, get in touch with us right away.
In the wake of the pandemic, people are witnessing shifts in their priorities. Emotional bonding and wellness have become more important than money. So, your employee recognition ideas need to connect emotionally as well.
Just like how customers and clients are offered customized experiences, suggestions, and interactions, your employees will also need to be recognized with individual focus on the kind of people they are.
In 2016, LinkedIn published an article that stated the average cost of hiring an Indian employee across most sectors to be ₹25,500/hire. This figure depended on several factors, including:
There is no doubt that this figure must have increased in the last five years. According to Deloitte, it takes about $4000 on average for them to hire a new employee.
Hence It is clear that a higher attrition rate will cause an excessive financial crunch to employers in India and everywhere else in the world.
When compared to hiring, the cost of ideating and implementing the right employee recognition programs is minimal. Hence, organizations must recognize your employees, to retain their employees.
Here are some practical employee recognition ideas that can make a difference to how your employee feels.
While it is easy to argue that money isn’t everything, it is undoubtedly significant, as statistics say that about 57% of employees prefer cash rewards as a part of their recognition program. Therefore, help your employees become financially stable as much as your budget allows you to. Many times, help may not necessarily be financial but in terms of creating awareness about sound financial planning.
Sometimes, all it takes for employees to feel great is a heartfelt email from the manager or a pat on the back for a job well done. When managers start recognizing and acknowledging efforts genuinely, it makes a great difference. What’s the upside? It doesn’t cost you anything!
Smart-Meaningful-Authentic-Regular-Timely Recognition? This is not a novel idea, but the approach’s effectiveness has been consistent throughout the years.
Does your recognition program satisfy all the above criteria? Think about it and make relevant changes.
Apart from managers recognizing employees, employees can recognize one another for the good work done. Peer recognition is a great way to build a healthy and holistic culture in the workplace. You can invest in peer-recognition tools from PossibleWorks to make this process easy, hassle-free, and efficient.
Our processes offer a simple platform where endorsements can be given out quickly, and people can be recognized for even minor achievements.
Check out what our experts have to say about peer-to-peer recognition.
How can you create an effective employee recognition program? While the steps vary depending on the intent and type of organization, here is a generic list of steps you can consider while putting together an employee recognition program.
An employee’s recognition should include monetary awards, respect, growth opportunities, and appreciation in equal measures. There will be many changes in employee recognition programs once the pandemic is over, and such changes will be here to stay. Therefore, you need to be at the top of your game to identify the right trends, invest in the right tools, and keep your employees engaged and motivated with smart recognition ideas.